But Mike's Raking In Money

Philip Schaefer had come cross-country from San Francisco to enrich Michael Dukakis' campaign treasury. It was a fine evening, Schaefer recalled, but he was surprised that his $1,000 ticket bought snacks instead of filet mignon. "Governor," joked the Democratic fund raiser, "never have so many paid so much to eat so little." "What do you mean?" shot back Dukakis, reveling in his reputation for parsimony. "We had an open bar."

That low-overhead, high-priced reception in Boston last month helped make Dukakis the cash king of Democrats. When candidates of both parties file their quarterly reports with the Federal Election Commission this...